Comprehensive Analysis of Democracy, Economic Complexity, and Targeted Investments in Renewable Energy Technology on the Ecological Footprint of G۷ Nations from ۱۹۸۵ to ۲۰۱۷

The economic architecture of nations plays a pivotal role in shaping their economic growth, energy consumption, and environmental impacts. Despite this, there exists a notable gap in the scholarly examination of the relationship between economic complexity and the ecological footprint (EFP). Furthermore, democracy emerges as a critical determinant influencing environmental governance and sustainability. Therefore, this study delves into the impact of democracy, economic complexity, and allocations for renewable energy technology on the EFP within the G۷ nations, accounting for variations in income and financial development from ۱۹۸۵ to ۲۰۱۷. The analysis, incorporating Westerlund's (J Appl Econ ۲۳:۱۹۳–۲۳۳, ۲۰۰۸) findings and additional cointegration methodologies, demonstrates a cointegration among the variables under study. Long-term projections derived from the continuously updated fully modified approach suggest that economic complexity significantly lowers the EFP. Conversely, heightened democratic accountability is associated with an increase in the EFP rather than a decrease. In contrast, investments in renewable energy technology and advancements in financial development are shown to effectively reduce the EFP. Intriguingly, the research uncovers a U-shaped relationship between economic growth and the EFP, suggesting that higher income levels correlate with increased EFP. Moreover, the study identifies causative links from economic complexity, democratic governance, and renewable energy funding to the EFP. These insights underscore the imperative for G۷ countries to amplify their production of intricate and advanced products. Additionally, it highlights the necessity of bolstering budgets for renewable energy technologies to safeguard environmental health.

کلیدواژه ها:

Complexity in Economics ، Accountability in Governance ، Footprint of Ecology ، Financing for Renewable Technologies ، Economic Affluence